• Premier says Pakistan has learned from mistakes of the past; rues ‘disaster-recovery-disaster’ cycle country finds itself trapped in
• Islamabad, Riyadh sign Economic Cooperation Framework to launch ‘strategic and high-impact projects’
• Energy, industry, mining, IT, tourism, agriculture and food security sectors to be main focus
ISLAMABAD: Ruling out loans as a driver of economic recovery, Prime Minister Shehbaz Sharif on Tuesday called for mutual cooperation to support countries like Pakistan that are battered by climate catastrophes.
Speaking during a high-level roundtable discussion at the 9th Future Investment Initiative Conference 2025 in Riyadh, PM Shehbaz said that repeated loans would erode the economic might of such countries, stagnating economic development.
“If humanity had to move forward, it should proceed in unison, share its bounties and grievances together and extend modern technologies with those countries which can use it to grow its production in the areas of agriculture, industry, and employment among others,” he said.
The PM’s remarks came after Pakistan and Saudi Arabia launched the Economic Cooperation Framework, based on shared economic interests.
The decision to launch the framework was taken during a Monday meeting between Prime Minister Shehbaz Sharif and Saudi Crown Prince Mohammed bin Salman, according to the Foreign Office (FO).
“As part of the framework, several strategic and high-impact projects will be discussed in the economic, trade, investment and development fields that will contribute to strengthening cooperation between the two governments, enhancing the pivotal role of the private sector, and increasing trade exchange between the two countries,” the statement read.
It added that the deal would prioritise sectors including energy, industry, mining, information technology, tourism, agriculture and food security. Additionally, Islamabad and Riyadh are studying several joint economic projects, including signing memoranda of understanding (MoUs) for an electricity interconnection project between the two countries, and cooperation in the energy field.
“This framework represents an extension of both countries’ efforts to strengthen their fraternal relations and reaffirms their shared vision toward building a sustainable partnership across various economic, trade and investment fields in a manner that fulfils the aspirations of their leaderships and the brotherly peoples of both nations and serves their mutual interests,” the statement read.
Celebrating the announcement, Information Minister Attaullah Tarar said: “Another historic chapter unfolds in Pakistan-Saudi relations.” He said the developed marked a “high point” in the bilateral partnership in trade, energy and investment.
Investment summit
Participating in a discussion at the 9th Edition of the Future Investment Initiative, PM Shehbaz said Pakistan was rich in resources. He said “very honest mistakes” were made in the country’s history but it had learnt from them. “Important thing is to learn from your mistakes and that is what we are doing. At this point in time, we are undertaking most robust changes and deeprooted reforms which are deeply required,” the premier said, pointing to the digitisation of the Federal Board of Revenue to tackle corruption.
The prime minister said Pakistan was among the countries most exposed to the effects of climate change through no fault of theirs, adding that the country’s carbon emissions were “less than a fraction of one per cent”.
He said Pakistan was stuck in a loop of climbing the ladder and coming back down due to repeat climate disasters such as the 2022 and 2025 floods. “This is not acceptable. This is not where humanity should be directed towards.” If humanity was to move forward, it would have to do so in unison while sharing its “bounties and grievances together”, he added.
He said Pakistan was fast moving towards the increasing adoption of technology and artificial intelligence, though he did also warn about the risks of the latter. He said the global north and the global south should sit down and come to an agreement on the equitable distribution of resources for an egalitarian economy for all.
Published in Dawn, October 29th, 2025
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